It has now become easier to transfer post office small savings schemes like PPF, Sukanya Samriddhi and SCSS accounts to the bank without closing them.
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Post Office Scheme: If you or any member of your family has invested money in small savings schemes of the Post Office, then there is a big and relieving news for you. Crores of people who have invested in luxurious government schemes like Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY) and Senior Citizen Savings Scheme (SCSS) can now easily transfer their accounts from post office to the bank of their choice.
According to the report, the best thing is that for this transfer you will not need to close your old account and there will be no impact on your old savings and continuity of the account.
Post Office schemes are highly secure and offer excellent returns, but sometimes investors feel the need to manage all their accounts through digital banking, net banking, or a single location (bank). This transfer facility is a significant relief for investors who want to avoid frequent visits to the post office and enjoy banking from their mobile or laptop.
What is the complete account transfer process?
Transferring your PPF, Sukanya Samriddhi, or SCSS account from a post office to a bank is very simple. Follow these steps:
1. First, you need to visit the post office branch where your account is open.
2. There, you need to fill out a transfer application form. You’ll need to submit your original account passbook and KYC documents (such as Aadhaar, PAN card).
3. You’ll need to pay a transfer fee of ₹100 + GST to transfer your account from the post office to the bank.
4. After submitting your form, the post office will send your full account balance and required documents to your chosen new bank.
5. Once your documents reach the new bank, the bank may call you to fill out a new account opening form and complete your KYC. Your account will then be activated at the bank, and you’ll be issued a new passbook.